Orange County Multifamily Market Report
2024 Investment Forecast
Metro Remains a Statewide Standout as Santa
Ana Rent Control Hinges on Voter Approval
Broad demand poised to support rent growth across apartment sectors. Orange County has held the title of California’s tightest major rental market for the past three years. The metro will retain this accolade during 2024, as significant homeownership barriers and record numbers of traditional office-using, retail trade and food service positions facilitate strong demand across property tiers. In the Class A sector, developers are responding to a vacancy rate more than 100 basis points below its long-term mean by delivering more than 3,000 units for the first time in six years. Completions, however, are centered in Irvine, which appears warranted considering the city’s roughly 2 percent vacancy at the onset of 2024. The relatively moderate volume of rentals added across the rest of the metro and record-high Class A rent will require most households to occupy Class B and C units, maintaining nationally tight conditions in both segments.